Andover, New Jersey Property Taxes
The median property tax rate in Andover, NJ is 2.42%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Andover at $331,700, the typical annual property tax bill reaches $8,764, far exceeding the national median of $2,690. Property taxes in Andover are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Andover's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Andover or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Andover, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.42%
Estimate Property Tax Bill
$8,027
Ownwell’s Andover Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Andover with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Andover to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Andover, New Jersey
Property taxes in Andover, New Jersey, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Andover is 2.42%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Andover set these rates annually, and they can vary across different neighborhoods. Each year, Andover estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Andover's effective property tax rate to other areas in New Jersey and the national median. For comparison, the zip code 07821 has the highest median property tax rate of 2.42%, while the lowest median tax rate is also 2.42%. Understanding how these areas compare with Andover provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Andover Tax Rate
2.42%
Average Warren County Tax Rate
3.47%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Andover, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07821 | 2.42% | 2.42% | 2.42% | 3.12% | 3.16% |
Source: Ownwell
Property Tax Assessment Values Across Andover, New Jersey
In Andover, New Jersey, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the county for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Andover, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Andover helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Andover is 07821, with a median tax bill of $8,764.
Average Andover Assessed Value
$331,700
Average Warren County Assessed Value
$207,000
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Andover, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07821 | $203,220 | $248,900 | $331,700 | $415,000 | $464,280 |
Source: Ownwell
Property Tax Bills Across Andover, New Jersey
Property tax bills in Andover, NJ, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local tax assessor, who evaluates the property's market value and then applies an assessment ratio. In Andover, the median home price stands at $331,700. The tax rate is then applied to this assessed value to determine the annual tax bill. For example, property tax bills in Andover range from $7,053 at the 25th percentile to $12,901 at the 90th percentile, with a median tax bill of $8,764. These tax bills are influenced by several factors, including property characteristics, improvements, and local government budgets. Homeowners in Andover face higher property tax bills compared to the national median property tax rate of 0.99%. This can significantly impact household budgets, making it essential for homeowners to understand their property assessments and explore potential exemptions or appeals to manage their financial obligations effectively.
Average Andover Tax Bill
$8,764
Average Warren County Tax Bill
$6,901
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Andover, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07821 | $5,645 | $7,053 | $8,764 | $10,513 | $12,901 |
Source: Ownwell